Earnings Per Common Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

12.Earnings Per Common Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. The Company’s potential common shares include outstanding stock-based compensation awards and expected issuable shares under the employee stock purchase plan. In computing diluted earnings per common share, the average closing stock price for the period is used in determining the number of shares assumed to be purchased with the assumed proceeds under the treasury stock method. No potential common shares were considered antidilutive for any of the three and six months ended December 31, 2022 or January 1, 2022.

A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows:

(In millions, except per share amounts)	Three Months Ended December 31, 2022		Three Months Ended January 1, 2022		Six Months Ended December 31, 2022		Six Months Ended January 1, 2022
Numerator:
Net income	$	71.1	$	8.4	$	166.8	$	13.1
Denominator:
Weighted-average common shares outstanding		154.1		152.9		153.9		146.3
Dilutive effect of potential common shares		2.0		1.4		2.0		1.4
Weighted-average dilutive shares outstanding		156.1		154.3		155.9		147.7
Basic earnings per common share	$	0.46	$	0.05	$	1.08	$	0.09
Diluted earnings per common share	$	0.46	$	0.05	$	1.07	$	0.09